South Korea’s nominal gross domestic product per capita surpassed $24,000 last year, which was the 33rd highest in the world, according to the International Monetary Fund. This is up from 34th in 2012 and 41st in 2008.

The country’s per capita nominal GDP came to $24,329 last year, up from $22,590 in 2012, according to the IMF data compiled by the Ministry of Strategy and Finance.

Luxembourg topped the list with $110,423, followed by Norway and Qatar with $100,318 and $100,260, respectively. Switzerland ranked fourth with $81,323, the data showed.

The IMF predicted earlier that Korea’s per capita GDP could hit $30,000 in 2016 or 2017 as it surpassed the $20,000 mark in 2007.